Even though most people try to protect themselves from serious financial difficulties by saving money, investing wisely, and ensuring that their income is sufficient to maintain their already recognized lifestyle, even the most responsible individuals may not be able to avoid currency. difficult.
If a person loses a job, loses wealth through bad investment choices, has no support from a spouse, or is divorced, he or she may find that their normal financial situation has changed dramatically. In some cases, people may find it difficult to pay the creditors regularly and in time, and may lose homes, cars and other assets.
In this case, individuals may consider applying for Chapter 7 or Chapter 13 bankruptcies to resolve unsolvable unsecured debt and attempt to appear with better financial conditions. Bankruptcy usually helps to lift some credit card debt and other unsecured loans, but does not exclude maintenance payments, child support payments, student loans, and medical expenses. In addition, the applicant may be forced to relinquish part of the assets to repay the creditors.
Laws governing individual bankruptcy procedures often vary from state to state and rely heavily on specific requirements for assets and bankruptcy applications. In some states, certain assets may be protected from being seized and liquidated by creditors, while others may not be able to protect personal property or certain items that individuals may have.
In Texas, the bankruptcy law usually protects a certain amount of land that an individual may own, usually including up to 200 acres of rural land and up to 10 acres of personal land, which is developed with family members. In addition, the law can also protect the main vehicles used by people for transportation so that individuals can continue to work and support themselves and their loved ones. Important personal assets such as clothes will not be looted and cleaned up. Family heirlooms are also usually exempt from bankruptcy proceedings.
Personal accounts, such as pension funds, life insurance contracts and workers' compensation benefits, are usually not affected if an individual files for bankruptcy. Although individuals may be concerned about tools and other items used for work, Texas law often protects the personnel's work-related items and trade-related tools.
If you are facing severe financial hardship and are considering applying for bankruptcy, please visit the Austin bankruptcy lawyers website of Slater, Kennon & Jameson, LLP.
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Orignal From: Assets from bankruptcy protection
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